Of course, when I look at the Canadian aviation regulations, section 107.03(b) states that “A safety management system shall include...a process for setting goals for the improvement of aviation safety and for measuring the attainment of these goals.”Not only do you assess if there's a risk and then mitigate it, but it's an ongoing process for setting goals for improvement and for measuring the attainment of these goals.
A properly implemented safety management system would have a process, would have goals, and would measure whether they're achieved or not. Wouldn't that, in essence, almost be superior to simply having an inspection to see if the regulation is met?